RadioShack Corporation announced fourth quarter net income of U.S. $109.1 million or $0.63 per diluted share for the quarter ended Dec. 31, 2002, compared to net income of $35.2 million or $0.18 per diluted share for the quarter ended Dec. 31, 2001. The company also reported fourth quarter financial results on an adjusted basis in 2002 and in 2001. On an adjusted basis, RadioShack reported fourth quarter 2002 net income of $102.1 million or $0.59 per diluted share, compared to net income of $125.7 million or $0.67 per diluted share in the prior year.
Comparable store sales for the fourth quarter 2002 were up 2 percent compared to the prior year. Total sales in fourth quarter 2002 were $1,498 million, compared to total sales of $1,516 million the previous year, a decline of 1 percent.
"RadioShack's fourth quarter earnings are the result of respectable same store sales in a challenging retail environment," said Leonard Roberts, chairman and chief executive officer of RadioShack Corporation. "The company also generated $375 million of free cash flow for the full year, exceeding its free cash flow guidance."
For the fiscal year-end 2002, RadioShack produced net income of $263.4 million or $1.45 per diluted share. This compares to fiscal year-end 2001 net income of $166.7 million or $0.85 per diluted share. Adjusted for unusual items, 2002 net income was $257.8 million or $1.42 per diluted share versus 2001 net income of $292 million or $1.51 per diluted share.
Comparable store sales for the fiscal year-end 2002 were down 1 percent compared to the previous year. Total sales in 2002 were $4,577 million, compared to total sales of $4,776 million the previous year, a decline of 4 percent.
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